BEL@TELECOM: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
BEL@TELECOM
NACE 47.400, Retail sale of information and communication equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,411
2024 · €7,757+€4,654
Equity
€1.2m
2024 · €1.3m-€59,073
Cash
€2,293
2024 · €8,007-€5,714
Balance sheet total
€2.8m
2024 · €2.9m-€151,370
Largest movements
Assets
- Tangible fixed assets -€135,747
down €135,747 (-5.0%), from €2.7m to €2.6m
of which Land and buildings: -€134,185
Equity and liabilities
- Debts after one year -€114,961
down €114,961 (-9.3%), from €1.2m to €1.1m
- Reserves -€59,073
down €59,073 (-5.2%), from €1.1m to €1.1m
of which Distributable reserves: -€44,277
Income statement
- Purchases and services +€87,860
new in 2025: €87,860
- Depreciation -€16,812
down €16,812 (-10.5%), from €160,295 to €143,483
- Taxes +€9,450
up €9,450 (+131.2%), from €7,201 to €16,651
- Other operating charges +€7,206
up €7,206 (+24.2%), from €29,814 to €37,020
- Financial charges -€4,388
down €4,388 (-14.6%), from €30,019 to €25,631
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€7,757
Gross operating margin
-€1,329
Depreciation
+€16,812
Other operating charges
-€7,206
Other operating items
+€1,440
Financial charges
+€4,388
Taxes
-€9,450
Result 2025
€12,411
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€180,521
Investment
-€7,735
Financing
-€178,500
Cash 2024
€8,007
From operations (derived)
+€180,521
Net result for the year
+€12,411
Depreciation
+€143,483
Receivables within one year
+€7,276
Deferred charges and accrued income
+€2,633
Provisions
-€4,931
Trade debts
-€20,478
Tax, wage and social debts
+€16,901
Other debts
+€23,063
Accrued charges and deferred income
+€164
Investment (derived)
-€7,735
Investment in fixed assets (net)
-€7,735
Financing
-€178,500
Debts after one year
-€114,961
Current portion of long-term debt
+€7,945
Contributions, distributions and other
-€71,484
Cash 2025
€2,293
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,936,642 | €2,785,272 | -€151,370 | -5.2% |
| Fixed assets | 21/28 | €2,887,379 | €2,751,632 | -€135,747 | -4.7% |
| Tangible fixed assets | 22/27 | €2,726,179 | €2,590,432 | -€135,747 | -5.0% |
| Land and buildings | 22 | €2,724,443 | €2,590,258 | -€134,185 | -4.9% |
| Plant, machinery and equipment | 23 | €232 | €174 | -€58 | -25.0% |
| Furniture and vehicles | 24 | €1,504 | - | -€1,504 | |
| Financial fixed assets | 28 | €161,200 | €161,200 | = | 0.0% |
| Current assets | 29/58 | €49,263 | €33,640 | -€15,623 | -31.7% |
| Amounts receivable within one year | 40/41 | €34,206 | €26,930 | -€7,276 | -21.3% |
| Trade receivables | 40 | €30,606 | €23,935 | -€6,671 | -21.8% |
| Other amounts receivable | 41 | €3,600 | €2,995 | -€605 | -16.8% |
| Cash at bank and in hand | 54/58 | €8,007 | €2,293 | -€5,714 | -71.4% |
| Deferred charges and accrued income | 490/1 | €7,050 | €4,417 | -€2,633 | -37.3% |
| Total equity and liabilities | 10/49 | €2,936,642 | €2,785,272 | -€151,370 | -5.2% |
| Equity | 10/15 | €1,271,068 | €1,211,995 | -€59,073 | -4.6% |
| Contributions | 10/11 | €282,080 | €282,080 | -€1 | 0.0% |
| Reserves | 13 | €1,129,896 | €1,070,823 | -€59,073 | -5.2% |
| Non-distributable reserves | 130/1 | €2,170 | €2,170 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,170 | €2,170 | = | 0.0% |
| Tax-exempt reserves | 132 | €234,649 | €219,854 | -€14,795 | -6.3% |
| Distributable reserves | 133 | €893,077 | €848,800 | -€44,277 | -5.0% |
| Profit (loss) carried forward | 14 | -€140,908 | -€140,908 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €78,216 | €73,285 | -€4,931 | -6.3% |
| Deferred taxes | 168 | €78,216 | €73,285 | -€4,931 | -6.3% |
| Amounts payable | 17/49 | €1,587,358 | €1,499,992 | -€87,366 | -5.5% |
| Amounts payable after more than one year | 17 | €1,240,810 | €1,125,849 | -€114,961 | -9.3% |
| Financial debts | 170/4 | €1,240,810 | €1,125,849 | -€114,961 | -9.3% |
| Amounts payable within one year | 42/48 | €341,887 | €369,318 | +€27,431 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €106,237 | €114,182 | +€7,945 | +7.5% |
| Trade debts | 44 | €150,951 | €130,473 | -€20,478 | -13.6% |
| Suppliers | 440/4 | €150,951 | €130,473 | -€20,478 | -13.6% |
| Taxes, remuneration and social security | 45 | €10,821 | €27,722 | +€16,901 | +156.2% |
| Taxes | 450/3 | €8,995 | €27,722 | +€18,727 | +208.2% |
| Remuneration and social security | 454/9 | €1,826 | - | -€1,826 | |
| Other amounts payable | 47/48 | €73,878 | €96,941 | +€23,063 | +31.2% |
| Accrued charges and deferred income | 492/3 | €4,661 | €4,825 | +€164 | +3.5% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €87,860 | +€87,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,295 | €143,483 | -€16,812 | -10.5% |
| Other operating charges | 640/8 | €29,814 | €37,020 | +€7,206 | +24.2% |
| Non-recurring operating charges | 66A | €1,440 | - | -€1,440 | |
| Gross operating margin | 9900 | €231,594 | €230,265 | -€1,329 | -0.6% |
| Operating profit (loss) | 9901 | €40,045 | €49,762 | +€9,717 | +24.3% |
| Financial charges | 65/66B | €30,019 | €25,631 | -€4,388 | -14.6% |
| Recurring financial charges | 65 | €30,019 | €25,631 | -€4,388 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €10,026 | €24,130 | +€14,104 | +140.7% |
| Transfer from deferred taxes | 780 | €4,932 | €4,932 | -€0 | 0.0% |
| Income taxes | 67/77 | €7,201 | €16,651 | +€9,450 | +131.2% |
| Profit (loss) for the period | 9904 | €7,757 | €12,411 | +€4,654 | +60.0% |
| Transfer from tax-exempt reserves | 789 | €14,795 | €14,795 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,552 | €27,206 | +€4,654 | +20.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.